Ah, the fun struggle between buyers and sellers.
Here is our 3rd Quarter Report.
My favorite quote from Noah Rosenblatt of “UrbanDigs” about the 3rd quarter reports –
“We are a little less frenzied than we were three months ago.

That doesn’t mean you can get a 10% discount now.”
The New York Times felt that our 3rd Quarter Report was “too boring” to report on.

Well, golly gee.

I’m sorry that near-record pricing is boring.

Not for most people!
Here are some press links for you to review:
http://www.bloomberg.com/news/2014-10-01/manhattan-homebuyers-pay-up-as-sales-top-listing-price.html
http://nypost.com/2014/10/01/manhattan-apartment-sales-dip-as-prices-stay-high/
http://newyork.citybizlist.com/article/210128/average-manhattan-apartment-sales-prices-up-from-a-year-ago-but-down-from-first-quarters-record-high
http://therealdeal.com/blog/2014/10/01/half-of-apartment-sellers-in-3rd-quarter-got-their-price-or-higher/
http://www.crainsnewyork.com/article/20141001/REAL_ESTATE/140939979/high-prices-take-toll-on-residential-sales
Clearly sellers will overshoot, and buyers will try to get the lowest prices they can.

But as I’ve been saying for some time, prices may flatten a bit.

Inventory is still down since January, and only slightly up generally.
Good properties are selling, quickly.

Ask buyers in the market.
Anecdotes from some

current deals:
1) A record price in the building for a 7-room unit North of 96th Street
2) $1000 per square foot for a condominium in Williamsburg off the Montrose L train
3) 25-35 buyers at open houses all over the Upper West Side, where there remains an absolute lack of inventory
4) Buyers finding value in Harlem, where the best properties and developments are selling VERY quickly
5) Buyers bidding low LOSING.

Almost always.
The battle rages on.

And we’re enjoying it.

The really fascinating part of the market is at the very top, where the condominium new development is extraordinary, as is the pricing.